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The Great Depression and the Great Recession: What have we Learned?

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  • Michael D Bordo

Abstract

The Financial Crisis of 2007-2008 and the Great Recession of 2007-2009 are now in the past. Again there was the debt crisis of 2010-11. During the worst of the recent financial crisis/Great Recession many observers made comparisons between that event and the Great Depression. The lecture reevaluates the experience of the two events. Many questions are raised on the lessons and the policies from these events. [Fourth P. R. Brahmananda Memorial Lecture]. URL:[http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/RBIL09042012.pdf].

Suggested Citation

  • Michael D Bordo, 2012. "The Great Depression and the Great Recession: What have we Learned?," Working Papers id:4924, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:4924
    Note: Institutional Papers
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Goodfriend, Marvin, 2011. "Central banking in the credit turmoil: An assessment of Federal Reserve practice," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 1-12, January.
    3. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
    4. Robert L. Hetzel, 2009. "Monetary policy in the 2008-2009 recession," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 201-233.
    5. Gary Richardson, 2006. "Correspondent Clearing and the Banking Panics of the Great Depression," NBER Working Papers 12716, National Bureau of Economic Research, Inc.
    6. Wicker,Elmus, 1996. "The Banking Panics of the Great Depression," Cambridge Books, Cambridge University Press, number 9780521562614.
    7. N/A, 2009. "On the Recession," Local Economy, London South Bank University, vol. 24(3), pages 253-253, May.
    8. Charles W. Calomiris & Joseph R. Mason, 2003. "Fundamentals, Panics, and Bank Distress During the Depression," American Economic Review, American Economic Association, vol. 93(5), pages 1615-1647, December.
    9. Harold L. Cole & Lee E. Ohanian, 2004. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 779-816, August.
    10. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
    11. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
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